Existing investor Tiger Global Management, along with IDG Ventures India, led the latest round of funding, estimated to be more than $30 million, according to two people directly aware of the matter.

This investment in the 16-month-old Bengaluru-based startup is one the largest series B transactions in 2016, and the first deal by New York-based Tiger Global this year.

Nestaway will use the cash to further strengthen its supply network and expand to multiple cities and categories over the next few months, sources said. The company recently expanded its portfolio to offer homes on rent for families and individuals from offering fully furnished rooms to bachelors,taking low advance deposits.

Nestaway primarily targets home owners, who may not be living in the same city, to rent their apartments at 40-50% premium and ensures timely payment of the rent to the owner. The company also offers a complete background check of tenants and an insurance cover of Rs 1 crore to home owners against damages incurred, if any, incentivising people to open up their properties to rentals without the hassle of a broker.

On the demand side, the company aims to solve the problem of bachelors and home seekers. For tenants, the company takes care of the process from scheduling a visit and agreement closure to rent and security payment and repair services.

“Our offering is not just a transaction but relationship play. We manage the owner’s house and tenant’s stay for years and not just one transaction,” said Jitendra Jagadev , cofounder at Nestaway.

Nestaway, founded by four graduates of National Institute of Technology-Suratkal, is an online marketplace for home rentals that targets unmarried professionals looking for accommodation in metros.

The company works on a success fee model where it takes a small percentage of rent as commission without any upfront brokerage charges to the owner or tenants.

According to Nestaway, there are about 2 million housing units of NRIs alone in the top 10 cities and another 3 million by those who live in a different city, making the market very lucrative.